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Registration number: 07641804

Diamond Plumbing & Heating (Southern) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

image-name
 

Diamond Plumbing & Heating (Southern) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Diamond Plumbing & Heating (Southern) Limited

Company Information

Director

Mr Ashley Wright

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Chartered Accountants
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Diamond Plumbing & Heating (Southern) Limited

(Registration number: 07641804)
Balance Sheet as at 31 May 2023

Note

2023
 £

2022
 £

Fixed Assets

 

Tangible Assets

4

11,689

20,045

Current assets

 

Debtors

5

6,811

12,382

Cash at bank and in hand

 

17,016

12,532

 

23,827

24,914

Creditors: Amounts falling due within one year

(27,545)

(32,108)

Net current liabilities

 

(3,718)

(7,194)

Total assets less current liabilities

 

7,971

12,851

Creditors: Amounts falling due after more than one year

(5,733)

(8,599)

Provisions for liabilities

(2,221)

(3,809)

Net assets

 

17

443

Capital and Reserves

 

Called up share capital

100

100

Profit and loss account

(83)

343

Total equity

 

17

443

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 February 2024
 

 

Diamond Plumbing & Heating (Southern) Limited

(Registration number: 07641804)
Balance Sheet as at 31 May 2023

.........................................
Mr Ashley Wright
Director

   
     
 

Diamond Plumbing & Heating (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
England

These financial statements were authorised for issue by the director on 15 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Diamond Plumbing & Heating (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

A deferred tax asset is only recognised when it is more likely than not that the asset will be recoverable in the foreseeable future out of suitable taxable profits from which the underlying timing differences can be deducted.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

33% On cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Diamond Plumbing & Heating (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Diamond Plumbing & Heating (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Administration and support

2

2

2

2

4

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

3,760

51,759

3,612

59,131

Additions

1,041

-

525

1,566

Disposals

-

(5,549)

-

(5,549)

At 31 May 2023

4,801

46,210

4,137

55,148

Depreciation

At 1 June 2022

3,385

32,345

3,356

39,086

Charge for the year

712

3,466

195

4,373

At 31 May 2023

4,097

35,811

3,551

43,459

Carrying amount

At 31 May 2023

704

10,399

586

11,689

At 31 May 2022

375

19,414

256

20,045

5

Debtors

Current

2023
£

2022
£

Trade Debtors

6,204

-

Prepayments

607

912

Other debtors

-

11,470

 

6,811

12,382

 

Diamond Plumbing & Heating (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

11,254

2,980

Trade Creditors

 

2,951

4,673

Social security and other taxes

 

6,121

16,843

Outstanding defined contribution pension costs

 

91

-

Other payables

 

5,452

6,802

Accrued expenses

 

920

810

Corporation tax liability

756

-

 

27,545

32,108

Due after one year

 

Loans and borrowings

5,733

8,599

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

5,733

8,599

 

Diamond Plumbing & Heating (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Related party transactions

Transactions with directors

Loans to related parties

2023

Key management
£

At start of period

11,470

Repaid

(11,470)

At end of period

-

2022

Key management
£

Total
£

Advanced

11,470

11,470

At end of period

11,470

11,470

Terms of loans to related parties

During the year the company provided the director with a loan which was unsecured and repayable on demand.
 

Loans from related parties

2023

Key management
£

Advanced

8,738

2022

Key management
£

Total
£

At start of period

9,287

9,287

Repaid

(9,287)

(9,287)

At end of period

-

-

Terms of loans from related parties

During the year the director provided the company with an interest free loan which was unsecured and repayable on demand.